Consider the following two probability distributions: Sales (thousands of units)

Question

Consider the following two probability distributions:

Sales (thousands of units) Distribution 1 probability (%) Distribution 2 probability (%)
50 10 10
60 20 15
70 40 20
80 20 30
90 10 25

a. Graph the two distributions shown in the table. What are the expected sales for the two probability distributions?
b. Calculate the variance and standard deviation for both distributions. Which distribution is more risky?
c. Calculate the coefficient of variation for both distributions. Which distribution is more risky relative to its mean?

Explanation / Answer

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